The TRON Foundation and BitTorrent Foundation have revealed their intention to launch a BitTorrent-specific TRON token, which is expected to be rolled out on Binance Launchpad to non-U.S. accounts. According to a January 4 report by Medium, BitTorrent Foundation will issue the new token, dubbed as BitTorrent (BTT), to provide holders an opportunity to pay for faster download speeds.
However, TRON founder and BitTorrent CEO Justin Sun says that this is just the start, adding:
“BitTorrent token is the first in a series of steps to support a decentralized internet.”
Meanwhile, BTT is not just one way of encouraging users to spend more money. According to BitTorrent, customers that pay for downloads using BTT also boost the speed for other BitTorrent users.
BitTorrent users utilize shared resources from other customers in the platform to be able to download media. As one user is downloading media, others are uploading data for other users through an automated bartering system. Even if a download is already finished, the user still uploads data for other downloaders “but this activity is entirely altruistic and there is no economic penalty for end users switching off their BitTorrent client and stopping.”
This means that BitTorrent is plagued with structural problems like insufficient incentives to make the file available for others who want to download it. BTT solves these inadequacies by means of “blockchain-based rewards for provision of infrastructure services.”
BTT’s whitepaper explains BitTorrent Foundation’s objective in creating decentralized applications with Blockchain tech such as TRON. The whitepaper further elaborates that BitTorrent Foundation recognizes that it is in a distinct position to “address the enormous marketing challenge of building critical mass which is a crucial technical necessity for all distributed systems.” The move may just be the right thing to do considering that it has over 100 million active users who will benefit from this token system.
However, the date for the token sale is yet to be revealed even if the Binance Launchpad is already promoting that is slated to offer “about one new token launch every month in 2019, starting with BitTorrent and Fetch.AI.” In addition, TRON and BitTorrent assure that they will provide additional information during the niTRON Summit scheduled to be held in San Francisco on January 17 to 18.